Telecommunications firm PT Telekomunikasi Indonesia, locally known as Telkom, has set aside Rp 3 trillion (US$345 million) to buy back some of its own shares that it previously sold on the Indonesian stock exchange.
Telkom is expecting the plan to be approved in its shareholders meeting scheduled for May 19. It would then buy a maximum 2.07 percent of the B series shares it had earlier issued, or some 416,670 shares.
The money to purchase the shares will come from Telkom's 2010 profits.
Telkom's management said in a press statement that the plan was aimed at improving the company's capital management, which would help boost its earnings per share and the return on its equity.
It also said that it would store the new shares as a treasury stock, tempointeraktif.com reported.
Telkom is expecting the plan to be approved in its shareholders meeting scheduled for May 19. It would then buy a maximum 2.07 percent of the B series shares it had earlier issued, or some 416,670 shares.
The money to purchase the shares will come from Telkom's 2010 profits.
Telkom's management said in a press statement that the plan was aimed at improving the company's capital management, which would help boost its earnings per share and the return on its equity.
It also said that it would store the new shares as a treasury stock, tempointeraktif.com reported.
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